Divorce and foreclosure are significant life events that can bring considerable upheaval. They both represent a loss of stability, whether it's the end of a marriage or losing a home. Each situation carries substantial emotional and financial burdens, making it crucial to understand their full implications. Divorce and foreclosure impact personal, … [Read more...]
The Foreclosure Process in a Nutshell
The foreclosure process starts by the financial institution serving the homeowner with a summons and complaint. In response to the summons and complaint the homeowner must file an answer. The answer must be filed within 20 days if the summons and complaint was served on the homeowner personally and 30 days if the summons and complaint was served … [Read more...]
Defective Mortgages
If you utilized a mortgage broker when you obtained your mortgage he or she was supposed to set up a realistic plan with regard to obtaining the funds to purchase your home. The plan was supposed to be related to your income and in theory was supposed to be related to your financial ability to make mortgage payments. However, in some situations … [Read more...]
Ignoring a Foreclosure Action: This is usually a bad idea!
Some homeowners when facing foreclosure bury their heads in the sand. They find the issue of losing their home so depressing they simply wish to remove it from their minds and therefore they just ignore it. Eventually the homeowners will receive other documents from lawyers soliciting them to represent them in foreclosure or they will receive … [Read more...]
Banks Agree to Eliminate Debts From Credit Reports After Bankruptcy Discharges
JP Morgan Chase and Bank of America, two of the largest banks in the country have agreed to update credit reports of individuals who had owed them money to show the debts were discharged pursuant to bankruptcy proceedings. Federal Law requires once an individual files a Chapter 7 bankruptcy and is discharged from said bankruptcy that the bank … [Read more...]
Foreclosure Sale During A Divorce
Today's video blog we talk about how a court recently decided regarding a home in foreclosure during a divorce proceeding: Elliot S. Schlissel, Esq. can be reached at either 516-561-6645 or 718-350-2802, or by email to schlissel.law@att.net. … [Read more...]
Foreclosure Action Stopped by Death
Nettie Francis had executed a mortgage. The holder of the mortgage brought a foreclosure lawsuit against her. In May of 2010, the court had declined to sign a proposed judgement of foreclosure and sale. The court took this action because there had not been a submission of an order showing the mandatory residential foreclosure court conference had … [Read more...]
New York Debt Collection Proposals
Financial regulators in New York State have recently proposed sweeping new reforms concerning debt collection practices. There have been more than 13,000 complaints filed against debt collection agencies in the State of New York within the past two years. Debt collection companies sometimes buy defaulted debts for a few cents on the dollar and … [Read more...]
Foreclosure And Your Credit Score
If your home goes into foreclosure it will have a negative impact on your credit score. However, the nature and extent of the negative impact may be different than what you believe it to be. When a financial institution brings a foreclosure lawsuit related to a mortgage default, the institution will normally report to the credit agency there is a … [Read more...]
FHA Rescues Homeowners
The Federal Housing Authority (FHA) is coming to the rescue of more than 3000 homeowners whose homes were damaged by Superstorm Sandy. Under a new program, the FHA is allowing these homeowners whose homes were damaged by Superstorm Sandy to apply for mortgage loan modifications. The purpose of this program is to help reduce the monthly mortgage … [Read more...]
